Bitcoin

Crypto mining operators argue that their businesses help balance electric grids and integrate renewables. Instead of being a drain on power systems, they position themselves as a part of the solution, according to <a href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/energy-transition/061923-bitcoin-miners-eye-grid-flexibility-role-as-regulators-scrutinize-access">spglobal</a>.&nbsp;&nbsp; 
S&amp;P Global Commodity Insights tracks Bitcoin mining profitability using the Renewable Bitcoin Quarq Spread Index. It factors in the costs of <a href="https://ultramining.com/news/en/bitcoin-outshines-banking-sector-in-green-energy-use-study-reveals/">renewable</a> certificates. In times of low Bitcoin prices and high electricity costs, miners earn profits by opting out of grid consumption. 
Digital Power Optimization Inc. (DPO) is pioneering this approach. CEO Andrew Webber and COO Alex Stoewer advocate for smaller-scale behind-the-meter installations. They see co-located crypto mining as a tool that reduces energy waste and enables fresh renewables in areas where power is cheap. 
However, regulators are scrutinizing crypto mining’s power use. In Norway, home to a significant mining market, state secretary Elisabeth Sæther states that crypto mining “seizes valuable power resources.” The country plans to prioritize grid connections based on project maturity. 
In Sweden, authorities also plan to reserve resources for ventures like hydrogen-based steel or chemical production. Yet, datacenters linked with renewable projects remain a key focus. 
Finally, due to the associated stigma of cryptocurrencies, many companies investing in integrated behind-the-meter applications keep their activities undisclosed. These businesses see crypto mining as a potential solution to balancing power grids and integrating renewables. 
Subscribe to our Telegram <a href="https://t.me/ultraminingcom">channel</a>! Only the most interesting stuff there

Crypto Miners Play Surprising Role in Balancing Power Grids

Ultramining_Eng

Other articles published on Jun 23, 2023

PEPE Makes Huge Gains, Crypto Daily TV 23/6/2023

SEC Temporarily Suspends $30M BlockFi Penalty Pending Investor Repayment

Bitcoin Anchors Above $30,000, Impacts Crypto Market and Altcoins

Belgium’s Markets Regulator Orders Binance to Cease Crypto Offerings

Bullish Market Cycle and Attractive Selling Price for Bitcoin Miners

Crypto License in Hong Kong SAR

Join our free newsletter for daily crypto updates!